Total turnover, including Cruden鈥檚 share of joint ventures, rose from 拢112m in the previous year, while profit before tax and exceptional items rose to 拢6.1m, compared with 拢2.8m.
Private home sales increased by more than 20% to 148 homes, from 121 in the previous year. The average selling price was 拢311,000, compared with 拢347,000, reflecting the mix of homes sold and, the housebuilder said, a greater proportion of value-focused family homes.
The group also strengthened its financial position, with net assets increasing to 拢48.7m, from 拢42.6m, and net cash reserves rising to 拢21.3m, from 拢18.4m. Cruden also retains undrawn 拢9m revolving credit facilities at the year-end.
Fraser Lynes, Chief Executive of Cruden, said, 鈥淭hese results demonstrate the progress we are making and, importantly, show that our strategy is translating into stronger financial and operational performance.
鈥淲e have been very deliberate about how we want to grow Cruden. We are increasing our private housebuilding activity while focusing our affordable housing business on land-led developments and genuine partnerships where our development expertise can add real value.
鈥淲e are now seeing the benefits of that approach through increased home sales, improved profitability and a strong pipeline that gives us visibility over the next phase of growth. There is still a great deal to deliver, but we have entered the new financial year with real momentum and a clear sense of direction.鈥�
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